MI HB5530

Amends the Revised Municipal Finance Act to add definitions for "health care trust fund," "pension fund," and "unfunded accrued liability" related to postemployment benefits.

Authorizes counties, cities, villages, and townships to issue municipal securities without voter approval to pay unfunded accrued liabilities for pension and health care benefits, provided tax obligations do not exceed legal limits.

Requires municipalities to publish notice of intent to issue securities and comply with referendum provisions; allows unlimited tax pledge securitization only with voter approval.

Establishes limits on debt issuance: outstanding securities cannot exceed 5% of state equalized valuation; health care trust fund securities cannot exceed current unfunded accrued liabilities.

Requires comprehensive financial plan including evidence of sufficient funds to eliminate liability, debt service schedule, certification of accuracy, projected savings documentation, and (for health care) a plan to mitigate health care cost increases; municipalities must maintain A credit rating or higher.